After a recent series of unsavory news reports, the European Commission
has announced that its fisheries policy may need to be overhauled due
to continued ecological decline and unsustainable fishing practices.

In response, the Commission authorized an immediate review of its
ten-year policy. The current fisheries policy has been in effect since
2002.

A reassessment of Europe's fishing regulations could have sweeping
implications for dwindling fish populations. About two-thirds of
Europe's fisheries are estimated to be exploited at a rate that exceeds
sustainable levels, according to the United Nations Food and Agriculture Organization [PDF].

The Commission is expected to reduce the European fishing fleet as one
measure to address the exploited fish stocks. Borg said the current
number of vessels can catch between two and three times the
government-authorized, maximum sustainable yield.

European countries have been shrinking their fleet capacity since the
2002 policy required a "stable and enduring balance" between capacity
and resources. Fleet capacity is based on a vessel's size (tonnage) and
power (kilo-watts). Between 2003 and 2005, size was reduced about 6
percent, and power decreased about 7 percent, according to a World Wildlife Fund analysis [PDF].

The fisheries policy has been hotly debated by the fishing industry and
environmentalists since its inception. But recently, a series of
uncomplimentary news reports have put the policy under heightened
scrutiny.

An independent review panel for the International Commission for the Conservation of Atlantic Tunas
earlier this month described regulation of bluefin tuna fisheries as
"an international disgrace." The review noted that the 2007 catch for
the eastern Atlantic and Mediterranean Sea fisheries was estimated at
60,000 tons - more than double the legal limit and four times the
amount that scientists recommend, according to environmentalgroups who obtained early access to the report.

In August, a British fishing vessel was caught on film dumping more than 5.5 tons of cod,
which amounted to 80 percent of its catch. EU quotas limit the amount
of fish that ships can bring back to port, but vessels are not limited
on the amount they can catch. The unfortunate result is that 40-60
percent of all fish caught by trawlers in the North Sea are discarded,
the EU estimates.

Several environmentalists and fisheries researchers have advocated more dramatic policy changes
than what the Commission has so far suggested. For instance, more
marine protected areas are being requested. Researchers suggest that at
least 20-30 percent of the world's ocean habitats be included in a
network of marine reserves - the current level is estimated at 1
percent - to ensure long-term protection of exploited fish stocks,
according to the 2007 Worldwatch report Oceans in Peril.

A second alternative approach that has recently gained popularity and scientific support is known as an individual transferable quota (ITQ).
Instead of fishermen competing against each other to obtain the
greatest share of the total allowable catch set by government
scientists each year, individual fishermen are provided a share of the
catch, which eliminates the incentive to overfish. Independent
observers, and sometimes cameras, ensure that when the harvest is low,
everyone brings in a low catch, and when the harvest is high, their
catch subsequently increases.

"By doing this, it provides fishermen an incentive to take a long-term
view into account. Essentially they make an investment in their
future," said Chris Costello, the lead author of a study published in the journal Science
last week that found that ITQs implemented in Alaska, Iceland, New
Zealand, and Australia reduced the chance of fisheries collapse by 13.7
percent.

Unsustainable management of fisheries is not just a problem in Europe.
Increased seafood consumption and more efficient fishing technologies
have led to the depletion of fish stocks globally in recent years. If
current trends continue, the world's fish stocks risk collapse by 2048,
according to a 2006 study in the journal Science.

"Every fishery in the world could benefit from some form of
incentive-based management system," said Costello, a resources
economics professor at University of California in Santa Barbra. "The
critical feature is to design those incentive-based schemes for the
biology of the species, the culture of the communities, and the
economies of the fisheries."

While the number of ITQs remains low - about 1 percent of global
fisheries - Costello predicts they will double in number within the
next ten years. Some European fisheries have already switched to the
incentive-based system, such as a few small fisheries in the
Netherlands.